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Tinka signs option to acquire gold exploration licences in Victoria, Australia
Tinka signs option to acquire gold exploration licences in Victoria, Australia.
About this update from Tinka Resources Limited
[{"type":"text","content":"\n\n\n\n(TSXv-TK; Frankfurt-TLD (WKN A0B 884); Pinksheets-TKRFF)\n\n\nVANCOUVER, June 6 /CNW/ - Mr. Andrew Carter, President, is pleased to\nannounce that the Company has entered into a Heads of Agreement ("HOA") with\nan arm's length private company, that provides Tinka with the right to acquire\nan initial 49% and the right but not the obligation, to acquire the remaining\ninterest in four mineral exploration claims located in north-eastern Victoria,\nAustralia (the "Strathbogie South Project"). The Strathbogie South Project\nclaims total approximately 960 square kilometres, situated 150 kilometres to\nthe north-east of Melbourne, the capital of Victoria.\n\n\nThe goldfields of central Victoria are the second largest in Australia\nwith regard to historic production. Victoria is famous for quartz\nreef-associated vein mineralization, including the active mining centres of\nBendigo, Ballarat and Stawell. Gold exploration has seen a strong recent\nresurgence, following the discovery of extensive sediment hosted gold\nmineralization, including the Fosterville (2.5M oz gold resource) and Nagambie\ndeposits, and the recent discovery of buried mineralization at Lockwood.\n\n\nSediment hosted gold mineralization was not historically identified, due\nto the lack of quartz and the fine grained nature of the gold. Gold\nmineralization is disseminated within sandstone and siltstone, grade is well\ndistributed, and mineralization is associated with pyrite and arsenopyrite and\ntherefore provides a geophysical target. Mineralization is believed associated\nwith the Devonian age Strathbogie Granite, and is developed around contacts,\ncupolas and major structures that link the granite with the overlying sediment\nsequence.\n\n\nThe Strathbogie South Project covers the southern boundary of the\nStrathbogie Granite where mineralization is developed within a\nsandstone-bearing sedimentary sequence at the contact of the granite. Numerous\nhistoric small scale workings are recorded within the claims, including the\nextensive Merton and Yea goldfields. An example of the potential of the claim\nat Yea is indicated by historic records which include a drill intersection of\n18m grading 2.75 g/t gold. Historic production is estimated in excess of\n500,000 oz of gold from alluvial and hard rock workings within the Strathbogie\nSouth ...